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Factor price equalization explains why trade can make wages and capital returns converge through goods prices, even when workers and capital stay immobile.

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Terms of trade economics explains how export prices, import prices, and trade purchasing power shape welfare in international trade.

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Reciprocal demand explains how Mill’s trade theory determines the exact terms of trade inside the range created by comparative advantage.

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Offer curves explain how reciprocal demand determines the terms of trade and the volume of trade between two countries.

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Sonnenschein-Mantel-Debreu theorem analysis shows why rational individual demand does not guarantee stable, unique, or well-behaved aggregate demand.

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